Two-Building Apartment
For Sale
$475,000
928 Holly ST, Fort Smith, AR 72908
Multifamily, Fort Smith, AR
Property Size5,016 SF
Lot Size0.32 Acres
Price / SF$94.70
Days on Market48
Property Features for 928 Holly ST
General Information
Property type
Residential Multi Family
Property subtype
Other
Subdivision
Fairfax
Lot features
Corner, Level
Elementary school
Cavanaugh
Middle school
Ramsey
High school
Southside
Directions
Hwy 271 go west on Creston, left on S 10th, both 4-plexes will be on the corner of S 10th and Holly.
Standard status
Active
APN
12423-0182-00000-00
Size
5,016 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Description
181-182
Tax Annual Amount
3105
Legal Description
181-182
Utilities
Heating system
Baseboard
Cooling system
Window Unit(s), Heat Pump, Electric
Building Details
Year built
1976
Floors in Building
2
Number of units
8
Flooring type
Vinyl, Carpet
Roof type
Fiberglass
Listing Agency:
Envision Real Estate Group, LLC
(479) 478-6755
Listed By:
Norma Hopkins
(479) 785-4369
Added: Aug 18
Changed: Sep 13
Last Checked: Oct 4 at 4:06PM
MLS# 1091219
Copyright © 2026 Western River Valley Board of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 0.322-acre apartment property contains two separate four-unit buildings totaling 5,016 square feet. The single-story building offers four 1BR/1BA apartments of approximately 570 square feet each, while the two-story building contains four 1BR/1BA apartments of approximately 564 square feet each. All eight units are vacant and both structures require full renovation. Existing property features include fiberglass roofs, baseboard heating, and a mix of electric, window-unit, and heat-pump cooling.
The property is located at 928 Holly ST in Fort Smith, just off Hwy 271 S and behind ABB Motors. Its configuration provides a defined multifamily redevelopment project on one parcel, with carpet and vinyl flooring already present in the buildings.
The property is located at 928 Holly ST in Fort Smith, just off Hwy 271 S and behind ABB Motors. Its configuration provides a defined multifamily redevelopment project on one parcel, with carpet and vinyl flooring already present in the buildings.
Key Highlights
- Two separate 4‑unit apartment buildings on one parcel
- Eight total 1BR/1BA units, all currently vacant
- 5,016 square feet on a 0.322‑acre parcel
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$29,704
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.25%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$594,080
$594.1K
Cap Rate 7%
$424,343
$424.3K
Cap Rate 9%
$330,044
$330.0K
Market Conditions
NOI Build-Up for 5,016 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$58.4K $11.64/SF
− Vacancy
−$4.4K −$0.87/SF
EGI
$54.0K $10.77/SF
− OpEx
−$24.3K −$4.85/SF
NOI
$29.7K $5.92/SF
Area
Sebastian County, AR
Vacancy
7.50%
Lease Rate
$11.64 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$594,080
Cap Rate 7%
$424,343
Cap Rate 9%
$330,044
Alternative Uses
Best Use
Apartment 5plus
$424.3K
$371.3K – $495.1K
NOI $29,704 @ 7.0% cap · market cap 6.25%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$1.07M
$933.8K – $1.25M
NOI $74,704 @ 7.0% cap · market cap 15.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
8
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
302
Businesses Nearby
Explore this area
Business Placement
Demographics for 72908, AR
14,310
Population
6,374
Households
2.2
Avg Household Size
38
Median Age
30%
College-Educated
92%
High-School Grad
7.7 sq mi
ZIP Area
1,858
Density / Sq Mi
$68,697
Median Household Income
$43,234
Median Earnings
$886
Median Rent
$181,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Eight vacant apartments across single-story and two-story buildings require comprehensive renovation.
Where is this apartment building located?
The property is located at 928 Holly ST Fort Smith, AR.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Two separate 4‑unit apartment buildings on one parcel; Eight total 1BR/1BA units, all currently vacant; 5,016 square feet on a 0.322‑acre parcel
